December 14, 2017
Tuesday, July 14, 2015

Wall Street notches fourth straight advance as energy gains

Wall Street gained for a fourth straight session today, its longest winning streak since January, buoyed by the energy sector as oil prices rebounded from early declines.

Oil prices were initially lower on concerns a deal between Iran and six global powers would result in more supply, but turned higher after it became apparent sanctions on Tehran's crude exports would not be removed immediately.

The S&P energy sector advanced 0.8 percent, led by a 0.8 percent gain in Exxon Mobil Corp to $83.11. Brent settled up 1.1 percent to $58.51 and US crude settled up 84 cents to $53.04 a barrel.

Gains were broad, with nine of the 10 major S&P 500 sectors ending higher, led by a 1 percent gain in the healthcare index . The Nasdaq biotech index jumped more than 2 percent to hit a record high for the second time in three weeks.

The Dow Jones industrial average rose 75.9 points, or 0.42 percent, to 18,053.58, the S&P 500 gained 9.35 points, or 0.45 percent, to 2,108.95 and the Nasdaq Composite added 33.38 points, or 0.66 percent, to 5,104.89.

European stocks rose as oil prices steadied, supporting energy shares, after first tumbling when Iran and six world powers reached an agreement on Tehran's nuclear programme.

Investors' belief that Greece will pass reforms in order to get a new bailout also enabled European stocks to record a fifth day of gains, even though Greek Prime Minister Alexis Tsipras faces opposition over the austerity plan.

The STOXX Europe Oil & Gas Index rose 0.8 percent, with Statoil among the best performers in percentage terms on the pan-European FTSEurofirst 300 index.

The FTSEurofirst closed up 0.5 percent at 1,580.34 points, the fifth day in a row in which it has risen.

The euro zone's blue-chip Euro STOXX 50 index advanced 0.5 percent while German internet company United Internet rose 2.9 percent after a price target upgrade from Deutsche Bank.

But carmakers fell as JP Morgan cut forecasts on China's auto market, a day after a profit warning from Brilliance China Automotive Holdings, which makes BMW cars in China.

JP Morgan also reduced its price target on Volkswagen , whose shares declined by 2.1 percent.

The FTSEurofirst is up around 15 percent since the start of 2015 while the Euro STOXX 50 is up 14 percent, with economic stimulus measures from the European Central Bank (ECB) having helped to support markets despite the worries over Greece.

In Asia, Japanese share prices rose on in line with most of those elsewhere.

The Nikkei share average, which advanced for a third straight day, rose 1.5 percent to 20,385.33, its highest close in a week and a half. The broader Topix gained 1.6 percent to 1,638.71.

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Edition No. 5055 - This publication is a property of NEFIR S.A. -RNPI Nº 5343955 - Issn 1852 - 9224 - Te. 4349-1500 - San Juan 141 , (C1063ACY) CABA - Director Perdiodístico: Ricardo Daloia